Long term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.
A number of considerations go into how much long term care insurance that you should buy. The average cost of a room in a nursing home is $70,000 per year and the average monthly base rate in an assisted-living facility in Indiana is $3,693. Home care costs can vary.
To begin my series on advanced Medicaid planning strategies, I would like to address a question that I am often asked: How can I protect my assets if I’m not likely to enter a nursing home within the next 5 years?
* The following is a discussion on the protection of non-real estate assets. To learn about advanced Medicaid planning strategies to protect your home and other real estate, please view my blog titled, “Medicaid Advanced Planning Series: Protection of the Home and Other Real Estate”.
While there are strategies to protect the home of those who are entering, or already in a nursing home, the focus of this article is on advanced Medicaid planning: for those who will not be needing nursing home care within the next 5 years. I will discuss crisis Medicaid planning techniques in a future series of articles.… Read More »
#1 Transfers to spouse. A married Medicaid applicant/recipient who is an inpatient at a nursing facility may, without penalty, transfer all assets to the spouse who is still living at home.
#2 Transfers to a blind or disabled child. A Medicaid applicant/recipient may transfer assets to his or her blind or disabled child, according to SSI criteria, or to a trust fund for such a child, without penalty.… Read More »
Your Medicaid application has been approved. Fantastic! The approval notice mentions something about a “liability” owed to the nursing home each month. What is a liability and how did they arrive at this figure?
